Document Details

Document Type : Article In Journal 
Document Title :
Minor and Excessive Ghabn: An Economic Analysis
الغبن اليسير والفاحش : تحليل اقتصادي
 
Subject : Articles  
Document Language : Arabic 
Abstract : This paper utilizes the continuing convergence between price formation models developed by economists and implied by fiqh scholars, to analyze ghabn (lesion), one of most important issues in the exchange of goods. The paper establishes the following main results: (1) Minor ghabn is one of market equilibrium properties that is determined by traders' quotes. Based on this result, the paper shows that al-Imam al- Ghazali position regarding minor ghabn dose not necessarily contradict the position taken by the majority of fiqh scholars. (2) Minor ghabn is a positive function of market liquidly and asymmetric information as noted by some fiqh scholars. (3) Minor ghabn is a positive function of excessive ghabn risk and value volatility. (4) Value trader, who gathers as much information to estimate value, can cause a tolerable excessive ghabn (5) Amanah sales represent a mechanism to limit excessive ghabn. The paper also relate a excessive ghabn to its lawful and unlawful causes and compares value and threshold (separation minor from excessive ghabn) estimation methods used by fiqh scholars and economists. The paper concludes by demonstrating that statistical methods developed by economists can be utilized to detect excessive ghabn, determine its magnitude, and help courts pass judgment on ghabn cases. 
ISSN : 1018-7383 
Journal Name : Islamic Economics Journal 
Volume : 18 
Issue Number : 2 
Publishing Year : 1426 AH
2005 AD 
Number Of Pages : 41 
Article Type : Article 
Added Date : Sunday, October 11, 2009 

Researchers

Researcher Name (Arabic)Researcher Name (English)Researcher TypeDr GradeEmail
محمد بن إبراهيم السحيبانيMOHAMMAD AL-SUHAIBANIResearcher  

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